Filing Flows › Companies › Astronics › Analysis traps
Astronics (ATRO): analysis traps
Where its figures could mislead a reader, and what to check before taking them at face value · Data: Q2 2026, to Jul 4, 2026, filed Aug 12, 2026; rules v1.1
Astronics (ATRO): 0 rules of 10 triggered on the filings to Jul 4, 2026. 1 to review; 3 with insufficient data; 2 not applicable. Each is a question to verify, with the normal explanation that would produce the same figures.
Check these first
Adjusted profit = economic profit To review · confidence low
Adjusted EPS was 10% or more above GAAP in 1 of the last 4 quarters: read the reconciliation before taking the adjusted figure.
Every rule
A01 FCF growth = the business improved Not triggered confidence medium
Free cash flow rose $21M to $43M; working capital and lower capex explain 0% of it, so most of the gain is in operating cash flow itself.
The figures and how they are read
| Fiscal year before | FY2024 |
| Fiscal year | FY2025 |
| Operating cash flow, year before | $31M |
| Operating cash flow | $75M |
| Capex, year before | $8M |
| Capex | $32M |
| Free cash flow, year before | $22M |
| Free cash flow | $43M |
| Change in FCF | $21M |
| Change in capex | $23M |
| Working capital: change in its cash contribution | −$15M |
| Of which: capex cut | 0.00 |
| Of which: working capital released | 0.00 |
| Share of the increase that need not repeat | +0.0% |
| Operating cash flow before working capital: change | 59041000.00 |
FCF = operating cash flow − cash capex; ΔFCF = ΔOCF − ΔCapEx; the working-capital part is the change in the cash-bridge items (receivables, inventory, payables, accruals), with the sign of the cash flow statement
Source: FY2025 (cash flow statement, fiscal year) · FY2024 (cash flow statement, fiscal year before)
A07 Stock compensation added back = no economic cost Not triggered confidence high
Stock compensation is 0.8% of revenue: small enough that adding it back changes little.
The figures and how they are read
| Fiscal year | FY2025 |
| Stock compensation | $7M |
| Revenue | $862M |
| SBC / revenue | +0.8% |
| Buybacks | 0 |
| Buybacks / SBC | 0.0 |
| Diluted shares, year before | 35.0M shares |
| Diluted shares | 36.5M shares |
| Diluted shares: change | +4.1% |
SBC / revenue from the cash flow statement's add-back; the diluted weighted share count year over year; buybacks from the financing section
Source: FY2025 (stock compensation, buybacks and the diluted share count, fiscal year)
B02 Receivables growing = future cash is certain Not triggered confidence medium
Receivables grew 22% against revenue 27% in Q2 2026; DSO 78 against a median of 85: collections are keeping pace with sales.
The figures and how they are read
| Quarter | Q2 2026 |
| Revenue, year over year | +27.0% |
| Receivables, year over year | +22.2% |
| Quarter before | Q1 2026 |
| Revenue y/y, quarter before | +12.0% |
| Receivables y/y, quarter before | +11.8% |
| Days sales outstanding | 78.0 |
| DSO, median of eight quarters | 84.8 |
| Receivables | $229M |
| Revenue | $260M |
receivables and revenue against the same quarter a year earlier; DSO = receivables / quarterly revenue × days, against the median of the eight quarters before
Source: Q2 2026 (receivables and revenue) · Q2 2025 (the same quarter a year earlier)
B08 Adjusted profit = economic profit To review confidence low
Adjusted EPS was 10% or more above GAAP in 1 of the last 4 quarters: read the reconciliation before taking the adjusted figure.
The figures and how they are read
| Quarter / adjusted EPS / GAAP EPS / gap | 2025-09-30 / 0.40833 / -0.31 / 1.759; 2025-12-31 / 0.625 / 0.78 / -0.248; 2026-03-31 / 0.49167 / 0.67 / -0.363; 2026-06-30 / 0.7 / 0.75 / -0.071 |
| Quarters with adjusted ≥ 10% above GAAP | 1 |
| Quarters compared | 4 |
| Latest gap | -7.1% |
the analysts' 'actual' (usually the company's adjusted EPS) against GAAP net income ÷ diluted shares for the matching quarter; a gap of 10% or more counts (the stand-in until three releases' reconciliation tables are on file)
Source: 2025-09-30 (adjusted 0.41 vs GAAP -0.31) · 2025-12-31 (adjusted 0.62 vs GAAP 0.78) · 2026-03-31 (adjusted 0.49 vs GAAP 0.67) · 2026-06-30 (adjusted 0.70 vs GAAP 0.75)
What would show the trap does not apply
- The reconciliation shows the excluded items ending (a restructuring with its final charge, a settlement paid) and the gap to GAAP closes in the next quarters
- The excluded items are only amortisation of acquired intangibles and the cash paid for the deals is in the investing cash flow
Look again: next filing.
C02 Low net debt = no refinancing risk Insufficient data
neither a maturity table nor the current portion of debt is on file
D03 EPS growth = profit growth Not triggered confidence high
EPS rose 2410% and net income rose 2568% in Q2 2026; the share count rose 6.6%: EPS growth follows profit growth.
The figures and how they are read
| Quarter | Q2 2026 |
| Quarter before | Q2 2025 |
| EPS, year before | $0.03 |
| EPS | $0.75 |
| Net income, year before | $1M |
| Net income | $35M |
| Diluted shares, year before | 43.6M shares |
| Diluted shares | 46.5M shares |
| EPS growth | 24.10 |
| Net income growth | 25.68 |
| Diluted shares: change | +6.6% |
| eps from profit | $0.77 |
| eps from share count | -$0.05 |
EPS and net income against the same quarter a year earlier; the EPS bridge attributes the change to profit first, then to the share count (the order is fixed and disclosed)
Source: Q2 2026 (net income, diluted shares, EPS) · Q2 2025 (the same quarter a year earlier)
E02 Low P/E at a cyclical peak = undervalued Insufficient data
no market value or trailing net income in the valuation research
E07 A precise DCF value = the true value Insufficient data
no DCF in the valuation research for this company
J06 A bank's low P/E and high profit = safe Not applicable
not a bank
J08 A REIT's low net income = the dividend is unsafe Not applicable
not a REIT
What the statuses mean
Triggered: the filings show the pattern; read the normal explanations and the missing evidence before concluding anything. To review: one quarter or a weak signal; a reader's judgement, not a pattern. Not triggered: the pattern is absent on these figures. Insufficient data: the filings read so far do not hold what the rule needs; this is not a clean bill. Not applicable: the rule is not meant for this kind of company (a bank's working capital, a loss-making quarter's EPS growth). Out of date: the latest filing is more than fifteen months old.
Severity is what the pattern could mean for cash, value or solvency; confidence is how reliable the inputs and the reading are. The two are kept apart.
Record a view
A reader's judgement, grounds, what would change it and the next review; kept in the browser (needs JavaScript).
Every rule and the companies it triggers on → Astronics: cash flow →
Each rule reads the company's own filings by a fixed formula and says what would explain the same figures innocently. A triggered rule is a question to verify, not a finding of manipulation, and not a view on the stock. Missing data is shown as missing, never as clear. Not investment advice.